The European Bank for Reconstruction and Development (EBRD) is considering providing up to $1.5 billion for the construction of a large hydroelectric power plant in Central Asia. The bank’s president, Odile Renaud-Basso, said in an interview with Reuters.
The Kambar-Ata 1 project is one of the largest renewables projects in Central Asia, and its combined 1,860 megawatts of capacity is expected to provide power and boost agriculture output across Kyrgyzstan, Kazakhstan and Uzbekistan.
As Reuters says, the EBRD, the European Investment Bank, the European Union, and the governments of the three countries previously signed a €900 million memorandum for the project.
Odile Renaud-Basso said the bank is considering a total of three sovereign loans of up to $500 million each, subject to further discussions with other stakeholders and EBRD board approvals.
The EBRD President noted that interest in investing in renewable energy is growing in all countries where the bank operates, as technology costs fall and the transition to a green economy becomes economically viable.
